Polygon (MATIC) is significantly undervalued, as these stats show
Based on data from Token Terminal on the Polygon blockchain’s performance, it could be said that both the project and its token, MATIC, are fairly undervalued. Although MATIC has only recently entered the top 10 cryptocurrencies by market capitalization, this happened more due to the failures of Solana (SOL) than to the actual merits of Polygon.
As a blockchain, Polygon demonstrates exceptional performance in terms of both business and performance. In the last 30 days, Polygon’s number of fees collected is up 185% to $3.37 million. Of particular interest is Polygon’s revenue metric. According to the data, which counts revenue as the share of transaction fees accrued to MATIC holders, the figure has risen 386.6% in the past 30 days to $1.4 million.
Polygon (MATIC) insights
At the same time, the number of unique addresses on the Polygon network continues to grow and recently passed the 191-million-wallet mark. The Polygon network is currently performing 34.5 transactions per second, with an average of 2.8 million transactions.
Thus, Polygon as a business and as a blockchain is growing by all measures. That said, MATIC’s market capitalization lags behind Cardano and Dogecoin, which may not be surprising, but not when the gap is more than $4 billion. At the same time, according to CoinMarketCap, 87% of MATIC’s supply is already unlocked and in circulation, which is also positive.